UPDATE 1-Chipmaker AMD names new chief financial officer

January 02, 2013|Reuters

By Noel Randewich

SAN FRANCISCO, Jan 2 (Reuters) - Advanced Micro Devices said on Wednesday it promoted senior executive DevinderKumar to chief financial officer after the struggling PCchipmaker announced in September its previous CFO was leaving.

Kumar, a 28-year AMD veteran, had been standing in as CFOsince AMD announced the departure of Thomas Siefert, who wasliked by many on Wall Street.

Since 2001, Kumar was corporate controller at AMD, whichlike other PC-related companies has been hit by a slump indemand as smartphones and tablets grow in popularity.

AMD, one of Silicon Valley's oldest chipmakers, has beenlaying off engineers while looking for new markets for its chipsas it faces dwindling cash reserves.